CDT Roundup: 21 Deals, 15 Firms, 218 Lawyers, $10.4B

ESG, or principles based on environmental, social and governance issues, has become a buzzword for shareholders, much like socially responsible investing did beginning in the 1960s. 

The desire to integrate ESG also runs high with private asset investors and managers, with 76% of them seeing an increase in demand for their organizations’ ESG capabilities over the past 12 months, according to alternative assets data firm Preqin.

However, implementing ESG policies has been a challenge, the firm says. Preqin adds that the lack of data, unified standards and common definitions makes it difficult to assess the quality of ESG investments and increases the risk of “greenwashing” — changing the way processes and conditions are described, rather than actually changing the processes. In other words: spin.

Still, ESG makes up a big chunk of what’s already out there. As of October, there was $3.1 trillion of private capital assets under management by firms committed to ESG investing, 36% of the $8.52 trillion globally.

More is coming. The firm estimates that ESG-committed managers raised $403 billion in the first nine months of 2021 compared with $506 billion raised throughout 2020. 

The future for ESG, Preqin says, will be a combination of client demand and regulatory pressures that will continue to push private capital managers into prioritizing the concept.

In Texas dealmaking this week, there were 21 transactions reported worth nearly $10.4 billion — including 15 M&A deals worth $9.3 billion and six capital markets transactions worth $1.1 billion. There were 15 different firms and 218 mostly Texas lawyers who worked on those deals.

Last week there were 21 transaction worth $18.7 billion and last year at this time there were only 10 worth just under $4 billion.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
14-Jun-2025	9	$478	8	133	6	0	3	$478
07-Jun-2025	16	$26,210	11	196	11	$24,744	5	$1,466
31-May-2025	19	$23,381	11	166	12	$18,665	7	$4,717
24-May-2025	15	$24,033	11	121	13	$23,624	2	$409
17-May-2025	16	$21,760	12	145	11	$18,615	5	$3,145
10-May-2025	24	$33,175	16	206	19	$30,765	5	$2,410
03-May-2025	11	$4,249	13	90	11	$2,226.5	2	$2,022.5
26-Apr-2025	12	$8,787	9	168	9	$6,011	3	$2,776
19-Apr-2025	11	$8,097	7	138	9	$7,985	2	$112
12-Apr-2025	13	$2,392	8	152	10	$2,065	3	$327
05-Apr-2025	19	$27,762	15	188	16	$25,473	3	$2,289
29-Mar-2025	21	$8,188	10	258	16	$4,125	5	$4,064
22-Mar-2025	19	$6,485	14	231	15	$4,128	4	$2,857
15-Mar-2025	13	$13,737	13	151	10	$9,932	4	$3,805
8-Mar-2025	7	$2,234	5	66	5	$224	2	$2,100
1-Mar-2025	11	$3,050	8	75	10	$2,550	1	$500
24-Feb-25	12	$16,397	7	149	6	$6,635	6	$9,862
17-Feb-25	17	$12,136	13	134	10	$9,411	2	$2,725
10-Feb-25	14	$7,154	9	179	9	$4,950	5	$2,204
3-Feb-25	16	$10,068	7	200	11	$7,553	5	$2,515
25-Jan-25	14	$10,261	10	125	9	$2,207	5	$8,054
18-Jan-25	19	$7,382	15	316	12	$2,300	7	$5,082
11-Jan-25	21	$33,560	16	187	16	$32,521	5	$1,039
4-Jan-25	9	$6,827	9	80	9	$6,827	0	0
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	23	$26,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/Fundings

Phillips 66 acquires Phillips 66 Partners for $3.4B

Deal Description: Phillips 66 and Phillips 66 Partners announced Oct. 27 that they have entered into a definitive agreement for Phillips 66 to acquire all of the publicly held common units representing limited partner interests in the partnership not already owned by Phillips 66 and its affiliates in a transaction valued at $3.4 billion. The move is intended to simplify governance and corporate structure.

Buyer’s In-House Counsel: General Counsel Paula Johnson

Buyer’s Outside Counsel: Latham & Watkins led by Houston partner Thomas Brandt and Austin/Houston partner Bill Finnegan with Houston associates Thomas Verity, Jonathan Villa, Josh Blankenship and Zek Zhang. Other Texas team members included Houston partners Tim Fenn and Bryant Lee on tax and Houston partner Joel Mack on environmental matters.

Buyer’s Financial Advisor: Citi (Michael Jamieson, Claudio Sauer and Brad Epstein) and BofA Securities Inc.

Seller’s Outside Counsel: Vinson & Elkins led by senior partner Alan Bogdanow and partner Peter Marshall and associates Cameron Land, Madison Bertrand and Leah Powers; partner Jim Meyer and senior associate Brian Russell on tax; counsel Sarah Mitchell on insurance; counsel Damien Lyster on energy regulatory; counsel Brandon Tuck on environmental; partner Brian Bloom on executive compensation/benefits; partner Jeremy Marwell on appellate; and partner Craig Zieminski and counsel Robert Ritchie on litigation.

Expected closing date: Q1 2022

Notes: LW’s Brandt advised Phillips 66 Partners on its $434 million initial public offering and Phillips 66 on the sales of midstream assets to Phillips 66 Partners totaling $5 billion. V&E’s Bogdanow also worked on various matters for Phillips 66 Partners.

Clearway announces $1.9B sale of thermal business to KKR

Deal Description: Clearway Energy Inc. announced Oct. 25 that it entered into a binding agreement to sell its thermal business to KKR for $1.9 billion. The company expects to receive net cash proceeds of $1.3 billion after the assumption of project level debt, estimated taxes and obligations owed, transaction expenses and capital expenditures required to be funded as part of the deal. Known as Clearway Community Energy, the business consists of thermal infrastructure assets that provide steam, hot water and/or chilled water and electricity to commercial businesses, universities, hospitals and governmental customers across the U.S. The company’s CEO Christopher Sotos said the divestiture will provide Clearway with financial flexibility and will eliminate the need to issue new equity to fund its committed investments while also providing capital to fund future growth objectives and further enhance shareholder value. Clearway is sponsored by its controlling investor Global Infrastructure Partners.

Expected Closing: First half of 2022

Buyer’s Outside Counsel: Kirkland & Ellis led by corporate partners John Pitts, Melissa Kalka and Ben Hardison and associates Paige Lager, Jessica Berkowitz, Brittany Scheier, John Phelan and Austin Johnson; and debt finance partners Roald Nashi and Sebastian Chan and associates Charles Martin, Adam Birnbaum and Graham Owen.

Buyer’s Financial Advisor: Morgan Stanley

Seller’s Outside Counsel: Gibson Dunn & Crutcher led by partner Jerry Farano in Denver; Texas team members included associates Mike Cannon and Josiah Bethards in Dallas and partner Hillary Holmes in Houston. 

Seller’s In-House Counsel: Clearway General Counsel Kevin Malcarney in Haddonfield, N.J.

Seller’s Financial Advisors: BofA Securities and TD Securities

Notes: Kirkland’s Pitts has advised KKR many times on energy transactions, including on its agreements with NextEra Energy Resources and NextEra Energy Partners to acquire a large portfolio of renewables assets in 2020 for $1.4 billion.

Crestwood buys Oasis Midstream in $1.8B deal

Deal Description: Crestwood Equity Partners and Oasis Midstream Partners on Oct. 26 announced that they entered into a definitive merger agreement in which Crestwood will acquire Oasis Midstream in an equity and cash transaction valued at $1.8 billion, including debt. More on the deal, including advisors, here.

Rattler buys water midstream assets from Diamondback for $160M in drop-down deal

Deal Description: Midland-based Rattler Midstream, part of oil and gas explorer Diamondback Energy Inc., announced Oct. 21 that its unit agreed to buy some water midstream assets from units of Diamondback for $160 million in cash in a drop-down transaction. The assets consist primarily of produced water gathering and disposal systems, produced water recycling facilities and sourced water gathering and storage assets acquired by Diamondback from QEP Resources Inc. and Guidon Operating in early 2021. Diamondback will add some of its leasehold acreage to the Rattler dedication. Rattler intends to fund the transaction through cash on hand and borrowings under its revolving credit facility.

Expected closing date: Q4 2021

Rattler’s Conficts Committee’s Outside Counsel: Hunton Andrews Kurth led by partner Mike O’Leary and assisted by partner Ian Goldberg and associates Alex Miron, Kathleen Dill, and Alexa Williams. Partner Tom Ford and associate Caitlin Scipioni provided tax services.

Rattler’s Conficts Committee’s Financial Advisor: Raymond James

Diamondback’s Outside Counsel: Akin Gump Strauss Hauer & Feld led by corporate partner Gabe Procaccini and including global corporate practice co-head John Goodgame, tax partner Alison Chen and corporate associates Leana Garipova and Alan Sanchez.

Notes: Diamondback, Rattler and affiliate Viper have been longtime clients of Akin Gump, including Goodgame.

FirstCash acquires rent-to-own company America First Financial in $1.17B deal

Deal Description: Fort Worth-based FirstCash, which operates 2,800 pawnshops in the U.S. and Latin America, announced Oct. 28 that it had acquired America First Finance, a lease-to-own operation, for $1.17 billion, including $406 million in cash. As part of the transaction FirstCash will form a new parent company that will trade on Nasdaq under the FirstCash ticker (FCFS).

Buyer Outside Counsel: Alston & Bird advised with a team led from Atlanta by partner Kyle Healy, but included Dallas/Fort Worth partner Mitchell Griffith and Dallas associate Maddie Giese.

Buyer Financial Advisor: Jefferies; Comstock Capital & Advisory

Seller Outside Counsel: King & Spalding

Seller Financial Advisor: Stephens Inc.

Notes: Doug Rippel, chair and founder of America First Finance, will own about 16.6% of the new company personally and through his affiliates and AFF will continue to operate as a separate Dallas-based business unit within FirstCash.

Dawson Geophysical announces merger with Wilks Bros. for $54M

Deal Description: Midland-based Dawson Geophysical Co. and Wilks Bros. announced Oct. 25 that they have entered into a definitive merger agreement for Wilks to acquire all of Dawson’s outstanding common shares for $2.34 per share in cash. Dawson’s board launched a review of the company’s potential strategic alternatives in mid-2019 due to dwindling demand for its services and an ongoing skilled labor shortage required to meet any potential increase in demand. The board believes that the transaction presents Dawson shareholders with an opportunity to achieve liquidity for their shares, is the most optimal path forward and is in the best interest of the stockholders. Jim Wicklund, managing director of energy investment banking at Stephens, said in a note that Wilks bought Dawson for around $54 million, including Dawson’s $46 million in cash on its books, putting the enterprise value below $8 million.

Wilks’ Outside Counsel: Vinson & Elkins led by partners Mike Telle and Chris Collins with assistance from associates Bobbi Ingram and Chloe Schmergel. Also advising were senior associate Brett Peace (activism); partner Lina Dimachkieh, senior associate Brian Russell and associate Lauren Nieman (tax); partner David D’Alessandro, counsel Dario Mendoza and associate Maddison Riddick (executive compensation/benefits); partner Devika Kornbacher, counsel Rajesh Patel and associate Marcus Martinez (technology transactions/IP); partner Matt Dobbins and associates Austin Pierce and Simon Willis (environmental); and partner Guy Gribov, senior associate Alex Kamel and associates Joe Higdon and Jeremy Gopin (finance).

Dawson’s Outside Counsel: Baker Botts advised from Dallas and Houston with partner Grant Everett, partner Luke Weedon, senior counsel Neel Lemon and associates Derek Gabriel, Rusty Shellhorn and Marshall Heims. Dallas partner Jason Loden advised on benefits issues.

Dawson’s Financial Advisor: Moelis & Co., including David Cunningham in Houston and Jay Finney in New York

Notes: Baker Botts’ Everett advised Dawson on its acquisition of TGC Industries in 2015 for $157 million in stock. V&E’s Telle counseled Carbo Ceramics Inc. on its acquisition by Wilks and Equity Financial through a debt-for-equity exchange related to a plan of reorganization in a Chapter 11 bankruptcy case.

Elk Range acquires Permian Basin royalty interests from unnamed seller 

Deal Description: Elk Range Royalties, once known as Luxe Energy, announced Oct. 6 it had acquired certain Permian Basin royalty interests from an unnamed seller for an undisclosed sum. The assets include roughly 2,600 core net royalty acres evenly split between the Delaware and Midland Basins with most of the interests located in Loving, Reeves, Upton and Midland Counties, Texas, and Lea County, New Mexico. There are 250 producing horizontal wells and 650 remaining undeveloped locations. Last 12 months’ cash flow on the assets was $10.8 million and includes top operator exposure to Devon, Pioneer and Endeavor. Elk Range funded the acquisition through a combination of its equity commitment from NGP Royalty Partners and its credit facility with Texas Capital Bank.

Buyer’s Outside Counsel: Kirkland & Ellis led by corporate partner Rahul Vashi and associates Alia Heintz, Skyler Sikes, and Zach Scott with assistance from corporate partner Shubi Arora, tax partners David Wheat and Joe Tobias and debt finance partner Lucas Spivey and associate Scott Reid.

Notes: Vinson & Elkins advised predecessor Luxe on its sale to Colgate Energy Partners III this past June.

Rockland purchases Texas peaker plants from JDH

Deal Description: Rockland Capital announced Oct. 13 that one of its funds acquired 100% of the interests in two peaking plants via an affiliate named Texas Peaker Power from a unit of JDH Capital Co. Terms weren’t disclosed. The facilities are two 100 megawatt natural gas-fired simple cycle power plants, Chamon and Port Comfort, which are located in Houston and Point Comfort, Texas. Chamon sells energy and ancillary services into the ERCOT Houston Zone and Port Comfort sells energy and ancillary services into the ERCOT South Zone. Rockland is currently investing Rockland Power Partners III, a $454 million private equity fund with investors that include U.S. endowments and foundations, funds of funds, pension plans and family offices.

Seller’s In-House Counsel: General Counsel Michael Fertitta in Houston

Seller’s Outside Counsel: Kirkland & Ellis led by corporate partner Jhett Nelson and associates Josh Rocha and Nick Lewis; together with corporate partners John Pitts, Chris Heasley and associates Oscar Leija, Jordan Silverman and Cassidy Hall; litigation partners Anna Rotman and Ben Barnes; debt finance partner Will Bos and associates Marco Chan and Chris Gambini; energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg; tax partners David Wheat and Steve Butler and Nicole Martin; environmental transactions partners Paul Tanaka and James Dolphin; and transactional liability insurance partner Hayley Hollender.

Buyer’s Outside Counsel: Bracewell including partner Ryan Holcomb

Notes: Kirkland’s Nelson counseled JDH when it sold Elite Compression in 2019 for $410 million. Rockland has been a longtime client of Bracewell’s, including Holcomb, who advised it on the acquisition of six generating plants from DPL unit AES in 2018 for $241 million.

Houston regenerative medicine startup Volumetric acquired by 3D Systems

Deal Description: Volumetric, a Houston-based biomaterials start-up, announced Oct. 27 that it is being acquired by 3D Systems for $45 million in cash and stock with specified earnouts that could stretch the total acquisition price to as much as $355 million. The group is developing bioprinting technologies aimed at generating whole human organ replacements using 3D bioprinting.

Seller Outside Counsel: Shearman & Sterling advised Volumetric. Alan Bickerstaff, an Austin partner in Shearman’s emerging growth practice, led the effort with Austin counsel Cassandra Cuellar.

Buyer Financial Advisor: pH Partners

Buyer Outside Counsel: Hunton Andrew Kurth advised 3D Systems with a team led by Gary Thompson in Richmond. Texas lawyers on the team included: Dallas partners Alan Marcuis and Alexander McGeoch, as well as Dallas associates Gary Enis and Caitlin Scipioni.

Notes: Hunton AK has a longstanding relationship with 3D Systems. The firm established a 3D printing practice in 2016 led by Richmond-based partner Maya Eckstein.

Texas Citizens Bank acquired by Louisiana bank

Deal Description: In an all-stock transaction announced Oct. 21, Texas Citizens Bancshares has agreed to merge with Louisiana-based Business First Bancshares. Business First, based in Baton Rouge, is the holding company of b1BANK and under the deal, Houston’s Texas Citizens Bank will become b1BANK. The transaction is valued at $52.9 million.

Seller Financial Advisor: Piper Sandler advised Texas Citizens

Seller Counsel: Bracewell advised Texas Citizens with a Texas team led by Josh McNulty of Dallas and Scott Sanders in Houston. Also advising from Houston were partners Rebecca Baker, Will Anderson and Matthew Grunert and associates Kate Barrington McGregor, Shannon Baldwin, Jay Larry, Caroline Melo and Margo McEntire. Dallas counsel Ian Brown also advised, as did partner Don Lonczak from Washington, D.C., and associate Michael Recchia from New York.

Buyer Financial Advisor: Business First chose Stephens to advise on finance.

Buyer Counsel: Fenimore Kay Harrison & Ford advised Business First

Notes: Business First Bancshares has banking centers across Louisiana and Dallas. The Texas Citizens acquisition is its first in the Houston area. It may not be the last. Texas Citizens chair and CEO Duncan Stewart will join b1Bank as Houston region chair.

Canadian software company acquires Sabre’s AirCentre operations

Deal Description: CAE Inc., a leading Canadian aviation technology firm, has agreed to purchase Sabre Corp.’s AirCentre airline operations portfolio for $392.5 million. The AirCentre operations, based in Southlake, provides software for the management of all aspects of flight operations for more than 150 airline customers across the globe.

Seller Outside Counsel: Skadden Arps advised Sabre with a team led by partners Kenton King and Sonia Nijjar, both of Palo Alto, backed by lawyers from New York and Washington.

Notes: Sabre’s sale of its AirCentre signals the company’s determination to focus on its core business of providing fulfillment software for travel agencies, hoteliers and airlines. The company’s platforms manage more than $260 billion worth of global travel annually.

Oaktree Capital Management invests $150M in fintec Mission Lane

Deal Description: With aims at becoming a programmatic issuer in the securitization market, Virginia-based credit card provider Mission Lane announced a $150 million preferred equity investment by Oaktree Capital Management.

Financial Advisor: FT Partners and Guggenheim Securities

Securitization Managers: Goldman Sachs and Guggenheim Securities

Investor Counsel: Oaktree Capital was advised by a Kirkland & Ellis team led by partners Jhett Nelson in Houston and Hamed Meshki in Century City. Also involved were partner Jennifer Gasser, associate Oscar Leija from Austin and tax partners Vivek Ratnam and Mike Benius in New York.

Notes: Oaktree was an existing investor in Mission Lane, which was created as a stand-alone in 2018 from the credit card division of LendUp. Mission Lane recently announced the issuance of its one millionth credit card and reported 100% revenue growth in 2021.

Weatherford Capital leads $50M series B raise for Coterie Insurance

Deal Description: Coterie Insurance, a small business fintech provider, said Oct. 26 that it had raised $50 million in a Series B financing round led by Dallas-Tampa family PE firm Weatherford Capital. Coterie Insurance, formed in Cincinnati in 2018, says the new funding brings its total raise to $75 million.

Funding Counsel: Weatherford was advised from Austin by Vinson & Elkins partner Wes Jones along with associate Clayton Cromer.

Notes: Weatherford joins existing Coterie investors RPM Ventures, Intact Ventures, Group 1001 and Alpha Edison. Dallas native Will Weatherford, co-founder of Weatherford Capital with brothers Drew and Sam Weatherford, was speaker of the Florida House.

Liberty Oil Field Services buys PropX

Deal Description: Liberty Oil Field Services said October 26 that it has agreed to buy Proppant Express Investments, a Denver-based fracking company known as PropX. Shreveport-based Liberty set the acquisition cost at $90 million, including $13.5 million in cash and 5.8 million common shares of Liberty valued at $76.5 million.

Buyer Outside Counsel: Willkie Farr advised PropX with a team led by Houston partners Bruce Herzog and Jeff Jochman.

HungerRush acquires Menufy

Deal Description: HungerRush, a Houston-headquartered SaaS platform specializing in the restaurant trade, announced Oct. 26 that it is acquiring the food platform Menufy. Terms were undisclosed. The acquisition adds additional on-line ordering capabilities —in demand even before the onset of the pandemic — to HungerRush’s extensive reach in point-of-sale technology. HungerRush 360, the company’s signature platform, integrates digital ordering, delivery, customer engagement, restaurant management and payment processing.

In-House Counsel: HungerRush GC is Matthew Hoeg

Buyer Counsel: HungerRush was advised by Willkie Farr with a team led from Houston by partners Bruce Herzog and Angela Olivarez.

Notes: HungerRush is backed by the CapStreet Group, also Houston-based. Last December, Willkie’s Herzog and Olivarez advised CapStreet on its sale of Griffin Dewatering.

CAPITAL MARKETS

Athabasca Oil closes $350M in notes financing

Deal Description: Calgary-based Athabasca Oil Corp. announced Oct. 25 that it closed the issuance of $350 million of senior secured notes. The new notes have a coupon rate of 9.75% and a 5-year term until 2026. The notes provide Athabasca with the ability to further reduce debt in the near-term by using 75% of free cash flow semi-annually to retire notes at 105% of face value. The notes offering included the issuance of 79.4 million warrants with a strike price of $0.9441 per warrant and a cashless exercise feature that reduces future equity dilution by issuing new common shares for only the “in-the-money” value of the warrant. Athabasca’s strategy is to position itself as a low leveraged company that will generate significant free cash flow through its low-decline, oil weighted asset base.

Initial Purchasers’ Outside Counsel: Latham & Watkins with a corporate deal team led by Houston/Austin partner Michael Chambers and Houston partner Trevor Lavelle with Houston associates Om Pandya, Michael Pascual, Anthony Tan and Anji Yuan. Advice was also provided on tax matters by Houston partner Jim Cole with Houston associate Michael Rowe.

Bookrunners: Goldman Sachs as lead, ATB Capital Markets as co-lead and BMO Capital Markets as joint bookrunner.

Athabasca’s Outside Counsel: Norton Rose Fulbright Canada

HighPeak announces pricing of $22M common stock

Deal Description: Fort Worth-based HighPeak Energy Inc. announced Oct. 20 the pricing of its underwritten public offering of 2.2 million shares of its common stock at a price tof $10 per share. The company also granted the underwriters a 30-day option to purchase up to an additional 330,000 shares at the public offering price. HighPeak intends to use the net proceeds of $20.2 million for general corporate purposes, which may include accelerating its drilling and development activities and funding further bolt-on acquisitions. The offering was expected to close on Oct. 25. HighPeak is a publicly traded independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional oil and natural gas reserves in West Texas’ Midland Basin.

HighPeak’s Outside Counsel: Vinson & Elkins, including a corporate team was led by partner Sarah Morgan, senior associate Jackson O’Maley and associate Ximena Kuri with assistance from associates Brandon Brunet and Taylor Kim. Also advising were partner John Lynch, senior associate Megan James and associate Jeff Slusher (tax); partner Matt Dobbins and associate Austin Pierce (environmental); and partner Shane Tucker and associate Maddison Riddick (executive compensation/benefits).

Offering Managers: Roth Capital Partners; Northland Capital Markets and Seaport Global Securities

Notes: V&E’s Morgan advised HighPeak Energy Partners and its affiliates in a $900 million business combination with SPAC Pure Acquisition Corp.

Seaport Calibre SPAC announces $130M IPO

Deal Description: A blank check company seeking a merger with a company in the sheet metal processing space announced Oct. 27 that it is offering 13 million shares. The SPAC is jointly sponsored by Seaport Global Asset Management and Calibre Group.  

Issuer Counsel: Seaport Calibre was advised from New York by Paul Hastings partners Frank Lopez, Jonathan Ko, William Burns and James Shea Jr.

Underwriters: The IPO is being underwritten by Seaport Global Securities and, because of potential conflicts of interest, Chardan Capital Markets is serving as independent underwriter.

Underwriters Counsel: Baker Botts advised the underwriters with a team led from Houston by partners Travis Wofford and Doug Getten. The team also included associates William Cozzens and Parker Hinman with partner Michael Bresson and senior associate Jared Meier advising on tax matters.

Notes: The SPAC is headed by Stephen Smith, chair of Seaport Global Management and Jim Tumulty of Calibre Group.

Anthemis SPAC goes public with $200M IPO

Deal Description: Anthemis Digital Acquisitions I Corp. announced the pricing of its blank check IPO Oct. 27. The SPAC is sponsored by New York based fintec investors Anthemis Group. Anthemis Digital, which intends to seek a merger partner in the fintec space, priced 20 million units of the blank check firm at $10 per unit.

Issuer Counsel: Latham & Watkins represented Anthemis SPAC in the offering with a capital markets team led by New York partner Marc Jaffe and the ubiquitous Houston-based SPAC specialist, Ryan Maierson, as well as a team of New York-based attorneys.

Notes: The SPAC boasts an all-woman team of managers that includes Amy Nauiokas, the co-founder of Anthemis Group, whose background includes investments in Fidor Bank, Trōv, Currencycloud, Simple and the Climate Corp.

Group 1 Automotive in $200M private placement of 4% senior notes

Deal Description: Group 1 Automotive, Inc. announced the close Oct. 21 of its private placement of $200 million in aggregate principal amount of its 4.000% senior unsecured notes due 2028. The notes are to be sold to investors at 100.250% of principal, implying an effective yield to maturity of approximately 3.957%.

Issuer Counsel: Group 1 selected Vinson & Elkins to advise on the offering with a corporate team led by partners Gillian Hobson and David Stone. Support was provided by senior associate Andrew Schulte, with assistance from associates Shane Copelin and Zac Horne. Also advising were partner Wendy Salinas and associate Olivia Sher (tax); partner Shane Tucker and senior associate Missy Spohn (executive compensation/benefits); partner Palmina Fava and senior associate Brian Howard (FCPA); counsel Larry Pechacek and associate Kevin Moscon (environmental); partner Quentin Smith and associate Aurra Fellows advised on litigation.

Notes: Houston-based Group 1 Automotive is one of the nation’s largest retail auto sales groups with 190 dealerships, 247 franchises and 48 collision centers across the U.S., the UK and Brazil.

Houston-based Pyrophyte Acquisition Corp. in $201.5M up-sized IPO

Deal Description: Seeking to merge with an energy transition technologies company, Houston’s Pyrophyte Acquisition Corp. closed its IPO with $201.5 million in funds. The company is headed by Sten Gustafson, chairman of Golden Energy Offshore, a Norwegian O&G producer.

Issuer Counsel: White & Case with New York partner Elliott Smith.

Bookrunner: UBS Investment Bank

Notes: Gustafson attended Rice University and University of Houston Law Center and is a former investment banker at Deutsche Bank and UBS. The company’s CFO, Thomas Major, is a managing partner at Houston’s MB Energy Partners.